Summary by Futu AI
Travelers Companies reported net income of $534 million ($2.29 per diluted share) in Q2 2024, compared to a net loss of $14 million in Q2 2023. Net written premiums grew 8% to $11.1 billion, while the combined ratio improved to 100.2% from 106.5%. Net investment income increased 24% to $885 million, driven by higher fixed maturity yields and private equity returns.Catastrophe losses were $1.51 billion pre-tax, primarily from severe wind and hail storms. The company benefited from net favorable prior year reserve development of $230 million pre-tax. Business Insurance segment income rose 63% to $656 million, while Personal Insurance reduced its loss to $153 million from $538 million in the prior year quarter.The company maintained strong capital position with shareholders' equity of $24.9 billion. During the quarter, Travelers returned $498 million to shareholders through $253 million in share repurchases and $245 million in dividends. The Board declared a quarterly dividend of $1.05 per share payable September 30, 2024.
